The Internet of Things (IoT) has allowed for significant developments in the technology used in healthcare, manufacturing, and retail; and IoT has even changed the way that we use consumer devices. While technologies associated with IoT are often lauded for innovative features, there is less coverage given to the vulnerabilities and security risks associated with some devices.

In a world where technology is pervasive and continually increasing in complexity and capability, security should be at the forefront of the mind of anyone who is interested in either the IoT industry, or even specific devices.

IoT Cyber Attacks Are Increasing in Frequency

Recent reports have shown that cybercriminals have expanded their attacks from existing systems, and are now spending a significant amount of resource on attempting to compromise IoT devices. Vulnerable devices include connected televisions, washing machines and refrigerators, and even home CCTV systems and baby cameras. With the increasing expansion of IoT into all areas, it should be expected that cybercrime will increase in the coming years.

In 2017, it is estimated that there are around 20.35 billion connected IoT devices around the world. By 2025, that figure is expected to increase to over 75 billion. Growth is being driven by a high rate of innovation, consumer and industry demand, and partially due to a decreased unit cost for devices. As sensors and embedded chipsets become more affordable, it’s only natural that more innovators will look at making their existing devices more ‘connected’.

With Market Growth, Security Will Be Essential

By 2019, the global cost of cybercrime is expected to hit figures exceeding $2 trillion USD. New device manufacturers and developers may have no prior experience with data and internet security, so it will be critical that the right professionals are hired throughout the industry, to secure the next wave of devices. Thankfully, industry insiders do seem to be aware of the risks that exist in the market.

Almost half of all developers involved in IoT consider security their primary concern when developing and supporting devices. This is a promising statistic, especially considering that more than half of all consumers are concerned for privacy and security when dealing with devices that are connected to the internet.

There’s little question the IoT market will continue to grow in the coming years, allowing for embedded devices that were simply not possible in the past. With the ever present risk of security threats, both technology and product developers will need to take great care to not only develop devices that are innovative and functional, but that are secure by design and protected from cyber-attacks.

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